NMC adjusts lease rates following state government notification

07 Dec 2023 CW Team

The state government has recently issued a notification, modifying the lease rates for properties under civic bodies. Consequently, the Nashik Municipal Corporation (NMC) has opted to adjust the rates for its leased properties intended for commercial and social purposes.

NMC officials reported that the government has reduced the rates for properties allocated to social organisations from 8% of the Ready Reckoner (RR) rate to 0.5%. Similarly, lease rates for commercial properties have been adjusted from 8% of the RR rate to 0.7%.

The new rates will come into effect after the expiration of the current agreement period with tenants. A committee, led by the civic chief, has been established to determine the new rates for properties after the conclusion of the existing agreements.

NMC manages 1,900 commercial galas/shops and 1,075 other properties allocated to social outfits and NGOs for social causes. Previously, the lease rate stood at 2.5% of the Ready Reckoner (RR) rate. However, in 2020, the state government mandated all civic bodies to set lease rates at 8% of the RR. Consequently, NMC adjusted its lease rates in line with the government order that same year.

Responding to a calling attention motion during the state assembly session in July of this year, MLA Devyani Pharande highlighted the need to revise the lease rates for NMC properties. In reply, State Industry Minister Uday Samant assured that the lease rates for properties under municipal corporations and other civic bodies would be promptly addressed.

Subsequently, the state government issued a recent notification, reducing the lease rates for civic body properties, encompassing both commercial and those designated for social causes and leased to social outfits or NGOs.

Infrastructure Urban

06 Apr 2026

CFI Appoints New National Council for FY27 and FY28

The Construction Federation of India (CFI) has announced its newly elected National Council and office bearers for a two-year term covering FY27 and FY28. M. V. Satish, Advisor to CMD and Lead Ambassador for Middle East, L&T, has been elected President; Priti Patel, Chief Strategy & Growth Officer, Tata Projects, has been appointed Vice President; and Ajit Bhate, Managing Director, Precast India Infrastructures, has taken charge as Treasurer.The newly formed National Council brings together senior leaders from major EPC and infrastructure companies, reflecting CFI’s continued focus o..

India REIT Market Gains Momentum with Strong Returns

India’s Real Estate Investment Trust (REIT) market is witnessing strong growth, emerging as a competitive investment avenue both domestically and across Asia. According to a recent ANAROCK report released at EXCELERATE 2026 by NAREDCO Maharashtra NextGen, the sector is evolving into a mature asset class driven by solid fundamentals, regulatory backing and rising investor confidence.The introduction of Small and Medium REITs (SM REITs) in 2025 has further widened access through fractional ownership, unlocking a potential monetisation opportunity of Rs 670–710 billion. Indian REITs have deli..

G R Infraprojects Secures Rs 4,130 Million BESS Contract From NTPC

G R Infraprojects said it has secured a contract from NTPC to supply and implement a battery energy storage system (BESS) valued at Rs 4,130 million (mn). The company reported the order was awarded as part of NTPC's ongoing efforts to enhance grid flexibility and energy storage capacity. The contract represents a notable addition to the firm's project pipeline and underscores demand for utility scale storage solutions. The award is expected to strengthen G R Infraprojects' presence in the energy infrastructure sector and to contribute to the firm's order book and future revenues, subject to st..